Even though the craze of cryptocurrency has grown several folds, most BritsÂ believe the segment is highly risky and it is better to avoid investing in it. Recent research reveals about half of the surveyed people are not willing to either invest in cryptocurrency or use it as a mode of payment. Those who voiced in favor of the blockchain-based digital currency account for just 26 percent of the total interviewed.
Okta and Statista surveyed 2,000 people in the United Kingdom and the primary concern of most participants was the funds would not be safe in the cryptocurrency market. Instead, 49 percent of them preferred dealing in the traditional currencies which are regulated by the central authority.
About a quarter of the surveyed Brits were found eager in using cryptocurrencies. They supported their choice with less counterfeiting risk and no government interference.
The value of cryptocurrencies has soared in recent years and a couple of major crypto coins including Bitcoin and Ethereum were found to be the major gainers in the segment. The Bitcoin value in November 2021 jumped to an all-time high at 50,784 pounds. Similarly, the Ethereum value struck a peak of 3,609 pounds.
Even though the values of cryptocurrencies have been on the rise at a rapid speed, extreme volatility nature and decentralization have been the roadblocks for adoption in the mainstream.
The current value of Bitcoin is around 30,000 pounds, which means a significant fall from the recent peak. However, the figure is too high compared to the same at launch in 2009. The value of one coin was then a few cents.
The value fluctuated wildly in 2021 equipped with a couple of crashes and recoveries. It became an unsuitable medium of exchange and replacing fiat currency was believed to be a distant possibility.
Okta's head of industry solutions, Ian Lowe, said the cryptocurrency is still in its infant phase and the UK is simultaneously exploring the feasibility of government-issued digital currency.
However, even though the Brits are not trusting the segment, but larger institutions in the country are adopting it in some capacity. The same is being followed by many overseas companies.
Meanwhile, China is in the process of launching its own digital currency. It is simply named digital yuan and it is currently in a testing phase. Nigeria is learned to be working on a similar experiment and El Salvador has announced Bitcoin as legal tender in the country.
The UK government is working on a legal framework to combat misleading crypto campaigns and promotions in the country.